Statoil Gets Consent for North Sea Development

By

Kjetil Malkenes Hovland

Updated Feb. 15, 2013 12:16 p.m. ET

OSLO—Norwegian oil company Statoil ASA Friday received consent from the U.K. government to go ahead with a new $7 billion North Sea oil development, the largest investment for more than a decade in an industry that has become an increasingly important driver of U.K. economic growth.

The Statoil project will tap a heavy oil field called Mariner that was discovered in the 1980s, but until now couldn't be brought to production because of...